Abstract: To understand the research status quo of implementation effect of agricultural subsidy policy in China, grasp the research results and existing deficiencies, and then point out the direction of future research on the effect of agricultural subsidy policy, and provide a basis for the adjustment and perfection of agricultural subsidy policy, using the literature research method, the research on the effect of agricultural subsidy policy at home and abroad is reviewed from two perspectives: research perspective and research method. It is found that the research on the effect of agricultural subsidy policy in foreign literature can be mainly divided into economic effects research, social effects research and ecological effects research. The domestic literature mainly focuses on the economic effects research, studies on social effects and ecological effects are secondary, the research on ecological effects is mostly for qualitative research and policy recommendations. Based on this, three aspects of the research can be drawn: firstly, the research perspective is diverse but not comprehensive enough; secondly, the research methods are diversified and more perfect; thirdly, the analysis of policy economic effects is comprehensive but the field of vision is narrow; the research on social effects and ecological effects are not enough. In the end, according to the characteristics of the existing literature, the prospect of research on the effect of agricultural subsidy policy is discussed, which can be summarized as ecologicalization, modernization and internationalization.